Game over: Electronic Arts CEO John Riccitiello resigns

Electronics Arts CEO John Riccitiello, who presided over a rocky six-year period at the video game giant, is resigning from the Redwood City company, EA announced on Monday.

Along with the resignation, EA warned that its fourth-quarter revenue and earnings will be at the low-end of -- or below -- the forecast it gave at the end of January. EA did not explain the shortfall, nor give an updated forecast.

Neither EA nor Riccitiello explained the reason for his departure, both saying it was the right time for a change.

"It has been an honor to serve as the company's CEO," Riccitiello said in a statement. I am proud of what we have accomplished together, and after six years I feel it is the right time for me pass the baton and let new leadership take the company into its next phase of innovation and growth."

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In addition to resigning as CEO, Riccitiello is also resigning as a member of EA's board. Both moves are effective March 30.

As an interim move, EA named Larry Probst as its executive chairman to oversee daily operations of the company. Probst had previously served as chairman of the company's board and was EA's CEO from 1991 to 2007, when he was replaced by Riccitiello.

EA said that it plans to search for a new permanent CEO.

Investors reacted positively to the news. In after-hours trading following the announcement, EA's stock was up 59 cents, or 3.2 percent, to $19.30. Earlier in the day, the company's stock closed regular trading down 17 cents, or about 1 percent, to $18.71.